NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 30 SEPTEMBER 2022

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Reinet Fund S.C.A., F.I.S. (Reinet Fund)

Net asset value per share as at 30 September 2022

As at 30 September 2022, the net asset value (NAV) per share of Reinet Fund amounted to  31.77 (30 June 2022:  33.33) based on 171.3 million shares in issue.

The entire ordinary share capital of Reinet Fund of 171.3 million shares is owned by Reinet Investments S.C.A. In addition, 1 000 management shares in Reinet Fund are held by Reinet Fund Manager S.A.

As at 30 September 2022, the NAV amounted to  5 441 million, a decrease of  268 million from 30 June 2022.

The NAV reflects Reinet Funds shareholding in Pension Insurance Corporation Group Limited, British American Tobacco p.l.c., its other investments and cash resources, together with other assets and liabilities. Assets and liabilities have been revalued to their estimated fair values as at 30 September 2022. The NAV calculation has not been audited.

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The NAV of Reinet Fund is a substantial element of the consolidated balance sheet of Reinet Investments S.C.A. at 30 September 2022. However, the consolidated balance sheet of Reinet Investments S.C.A. will reflect other parent company assets and liabilities, including cash and amounts payable to or receivable from Reinet Fund. As such, the NAV of Reinet Investments S.C.A. differs from that of Reinet Fund.

The NAV of Reinet Investments S.C.A. will be published in due course and dividing that value by the total number of shares outstanding (excluding treasury shares) of 181.8 million will result in a NAV per share for Reinet Investments S.C.A. which will differ from that of Reinet Fund.

Reinet Investments Manager S.A.

for and on behalf of Reinet Investments S.C.A.